Issued by Coinbase. It is owned by whoever has it.
They are also easily and instantly (and perhaps most importantly permissionlessly) exchangeable to hundreds of other tokens thanks to DeFi swap smart contracts.
They are also easily and instantly (and perhaps most importantly permissionlessly) exchangeable to hundreds of other tokens thanks to DeFi swap smart contracts.
You can receive payments in USDC and immediately exchange them for other safer tokens if you wish, and if you use a fresh address each time, nobody can stop you.
It's the same as a centralized bank. If you get your salary deposited you can also go and take out cash immediately, but until you do, you don't truly own the par value.